18 Feb, 2026
4 mins read
P.N. Gadgil & Sons, a name with a 190-year legacy in the gems and jewellery sector, is bringing its diamond-specialist sub-brand, Reva, to the public markets. As the company spins off this specialized entity for its IPO, many investors are asking: Is this pure-play diamond model a strategic opportunity for the long term, specially at the time when other traditional players like Tanishq are testing the success of Lab Grown Diamonds?
In this breakdown, we cover Reva’s business model, financial performance, growth opportunities and risks, fund utilisation and key IPO details.
Reva Diamonds is a pure-play diamond and precious stone jewellery brand. They offer a wide range of products, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutras, nose rings, and chains.
Originally a part of P N Gadgil & Sons, Reva is now being listed as an independent entity. The company primarily operates on a 'Shop-in-Shop' model. This means they run exclusive sections within the existing large-format stores of P.N. Gadgil & Sons.
According to the RHP, the company currently operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka.
1 Brand-exclusive store in Pune, operated under the COCO (Company Owned Company Operated) model.
33 Shop-in-shop units located within the retail outlets of P.N. Gadgil & Sons Limited.
A look at the numbers suggests that the growth trajectory has been notably consistent:
|
Metric |
FY 2023-24 |
FY 2024-25 |
Change (%) |
|---|---|---|---|
|
Revenue from Operations |
₹195.6 Crore |
₹258.2 Crore |
+31.97% |
|
Adjusted EBITDA |
₹56.1 Crore |
₹79.6 Crore |
+41.81% |
|
Adjusted EBITDA Margin |
28.70% |
30.83% |
+213 bps |
|
Net Profit |
₹42.4 Crore |
₹59.5 Crore |
+40.22% |
|
Net Profit Margin |
21.68% |
23.04% |
+136 bps |
Established Parent Backing: As a spin-off from the listed P.N. Gadgil & Sons, Reva benefits from immediate brand trust, an established supply chain, and ready customer access.
Affordable Diamond Positioning: With products starting from ₹20,000, the brand caters to a wider customer base, from mass-premium to high-value buyers.
Regional Expertise: Their deep presence across Tier-1, Tier-2, and Tier-3 cities in Western India contributes significantly to their operational efficiency.
Revenue Concentration: The company is heavily reliant on a single state. Over 97% of their revenue comes from Maharashtra, and their ability to scale pan-India remains unproven.
Market Competition: The Lab-Grown Diamond market share is increasing globally. While big names like BeYon by Titan are entering this category, Reva currently only retails Natural Diamond jewellery.
Parent Dependency: Because most stores are shop-in-shop models tied to PNGS outlets, any operational issues within the parent company could directly impact Reva.
The company plans to use the ₹380 crore fresh issue proceeds strategically:
₹287 Cr: Dedicated to setting up 15 new stores.
₹35 Cr: Allocated for marketing and promotional expenses to build the "Reva" brand awareness and launch these new locations.
|
Event |
Date |
|---|---|
|
IPO Opens |
24 Feb 2026 |
|
IPO Closes |
26 Feb 2026 |
|
Issue Size |
₹380 Crores |
|
Price Band |
₹367 to ₹386 |
|
Lot Size |
32 Shares |
|
Listing Date |
4 March 2026 (Tentative) |
PNGS Reva offers an intriguing combination of a 190-year legacy and a high-margin diamond business. While the financial growth is solid, the heavy regional concentration and competition from national giants are factors that require careful thought.
Eligible investors can apply for the IPO through ASBA-enabled brokers, including via the FYERS platform.
Disclaimer:
This blog is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Readers should conduct their own research or consult a qualified financial advisor before making any investment decisions.
The total issue size of the PNGS Reva Diamond Jewellery IPO is ₹380 crore. This is entirely a Fresh Issue of shares, meaning all proceeds will go directly to the company to fund its growth initiatives rather than being used to provide an exit for existing promoters.
The company has fixed a price band of ₹367 to ₹386 per equity share. The lot size is 32 shares.
Unlike traditional giants like Titan or Kalyan Jewellers, which are gold-heavy, PNGS Reva is a pure-play diamond and precious stone specialist. Its unique "Shop-in-Shop" model allows for an asset-light structure.
The basis of allotment is expected to be finalized on February 27, 2026, with the shares tentatively scheduled to list on the BSE and NSE on March 4, 2026.
Bigshare Services Pvt. Ltd. is the official registrar for the issue, and investors can check their allotment status on the registrar’s website.
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